India's Banks shut down Cyptocurrency trading accounts

[pitiflin]

I read about it and apparently India is not regulating it nor are banks allowing them to make transactions. Koinomi an Indian exchange said that they are forced to suspend withdrawals and deposits due to such miscommunication between banks. They are trying to act compliant so until and unless the central bank has to say anything on it, banks will continue to do what they are doing. After all its banks we are talking about.

[Yakamoto]

So not only does India have no idea what they're doing when it comes down to cryptos, they're also trying to shut down their internal fiat transactions bu banning their larger banknotes as well? What kind of economy are they trying to run? It seems like every other moment they're trying to screw the rest of the country in favor of those towards the top, but it is a caste system anyway so it's not surprising that they're making these kinds of choices. Always fun to listen to those screaming that India will be a superpower by 2020 but I refuse to believe that they'll ever come close to any of the force projection capabilities required to do so. Internal dealings like this cement that belief for me.

[fanbeila]

"Banks across India are cracking down on bitcoin trade, months after Finance Minster Arun Jaitley publicly denounced the digital currency.

Bitcoin opened on the markets at $12,899.20 (£9,307.16) before plunging by $1,000 (£721.53) just before 8am GMT.

The token bounced back somewhat at 2.05pm GMT, exchanging hands at $12,199.50 (£8,802.31) – down 4.11 percent on the past 24 hours.

Bitcoin exchanges in India are now under fire, with the State Bank of India (SB), Axis Bank, HDFC Bank, ICICI Bank and Yes Bank reportedly closing or limiting activity on accounts tied to bitcoin trade."
https://www.express.co.uk/finance/city/907786/bitcoin-price-india-cryptocurrency-trading-btc-exchange

Banks are getting scared and I think people will always find a way if they want it.

Your country may prohibit the use of bitcoin coins

Governments or Banks can ban as much as they want. If people have a desire, they'll find a way to get it when they want it bad enough. Crypto will grow and those that embrace it will benefit from said growth. Those that reject it, will lose out on business.

Absolutely. People would definitely find another way to continue with their bitcoins.Indian government stand is totally confusing over the past few months.Its definitely a drawback for bitcoin users in India.There were three big bitcoin exchanges in India which may get even shut by the recent moves from the government. People would have to follow the way of Chinese where they shifted their trading activities to counter sales and using telegram chats for trades as the messages are encrypted.

[Indrawan77]

Its such a shame that the government see crypto currencies as a threat, crypto currencies can be the future currency that help to make transactions easier, the government shouldn't be banning crypto but should regulated it, crypto got a huge potential to help people out from poverty

[btccashacc]

This is why we need more decentralized exchanger which can be easily accessed by people from all over the world. It's not a new thing that they dislike crypto and think it's a threat to them. Though India has a large market and country with the largest population after China. I hope the government started legalizing bitcoin like the Japanese government did.

Its such a shame that the government see crypto currencies as a threat, crypto currencies can be the future currency that help to make transactions easier, the government shouldn't be banning crypto but should regulated it, crypto got a huge potential to help people out from poverty

They only interested on the technology behind bitcoin the blockchain, not the bitcoin itself since they can't control it.

[fiulpro]

There are still other options .. we can still use other Banks .. it was something that was supposed to happen everyone had a fair warning but you can still do person to person trade and then ask them to directly transfer the money , that won't create any problem , but they are being extremely conservative and that's not something good I feel , also people can Always stand up against them , they aren't living in dictatorship.

[jseverson]

Its such a shame that the government see crypto currencies as a threat, crypto currencies can be the future currency that help to make transactions easier, the government shouldn't be banning crypto but should regulated it, crypto got a huge potential to help people out from poverty

They're not banning Bitcoin though. Or rather, not yet, at the very least. It seems like Bitcoin's legality in India is stuck in limbo at the moment, but I read something about their tax agency reaching out to people who don't declare their crypto income. I see this as a positive, because if they pursue taxation, it could signify that they're leaning towards acceptance.

Either way, I don't think banks closing accounts have anything to do with crypto regulations. You here about banks all over the world pulling off the same move, even in countries like the US where crypto is fairly openly accepted. These closures are likely internal decisions. It's unfortunate, but the only thing you can do when a bank denies you service is to look for another bank.